BlackRock has dismissed rumors of filing for a spot Solana ETF with the SEC, with executive Samara Cohen stating it’s not happening anytime soon.
BlackRock Solana ETF stance: Regulatory shifts and market updates
Samara Cohen, BlackRock’s chief investment officer for ETFs, recently told Bloomberg that the firm has no plans to pursue a Solana ETF anytime soon. She mentioned that there isn’t enough demand from clients and that the Solana ecosystem isn’t mature enough yet.
“For us, both between investability considerations and also what we hear from our clients, BTC and ETH definitely meet that bar,” Cohen stated. “I think it will be a while before we see anything else.”
This sentiment aligns with Robert Mitchnick, BlackRock’s head of digital assets, who shared his doubts about a Solana ETF at the 2024 Bitcoin conference.
Mitchnick highlighted concerns about Solana’s maturity, liquidity, and track record compared to the well-established Bitcoin and Ethereum markets. Despite BlackRock’s hesitation, other asset managers might still pursue a Solana ETF.
As reported by Bitcoinist, the SEC’s recent amendment in its case against Binance has resulted in SOL no longer being classified as a security. This change could open the door for asset managers to seek approval for Solana-based ETFs, removing a key obstacle.
While BlackRock remains hesitant, the Chicago Board Options Exchange (Cboe) is backing spot Solana ETF applications from asset managers VanEck and 21Shares ETF.
Industry expert Nate Geraci announced that Cboe has filed “19b-4” forms for both Solana ETF proposals, starting the regulatory review process. According to SEC guidelines, the agency has 240 days to make a decision, with a potential deadline in early March 2025.
While BlackRock isn’t pursuing a Solana ETF yet, the changing regulatory environment and interest from other major players suggest that the chances for a Solana-backed ETF are improving.
Despite the positive developments, SOL is currently trading at $183.17, up nearly 0.5% in the last 24 hours.
